SE School Board approves $43-plus million bond sale

2014-11-20
By Karin Ramige Cornwell
Publisher
Exciting times are ahead for Sibley East. The $43-plus million facility project is moving full steam ahead.
On Tuesday, Nov. 18, the school board approved a resolution for the issuance and sale of $43,045,000 in general obligation school building bonds, series 2015A.
The proceeds from the sale of the bonds will finance the construction of the new elementary school in Gaylord and the remodeling and addition to the existing Arlington facility. The project approved by district voters in the Nov. 4 referendum.
Greg Crowe, financial advisor for Ehlers, the district’s financial advisory firm walked the board through the bond sale process.
After the resolution was passed, the district will obtain a credit enhanced bond rating from a national credit rating firm such as Standard and Poor’s or Moody’s Investment Services in addition to participating in the State of Minnesota’s credit enhancement program. Obtaining the credit rating will help the district obtain a lower interest rate on the $43 million debt.
There is a cost to obtain the rating, but the reduction in interest payments over the 25 year repayment of the debt will far outweigh the couple thousand dollar cost to obtain the rating, according to Crowe.

Find the complete story in the Nov. 20 edition of the Arlington Enterprise.

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